Medical Implants Market Snapshot
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
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The medical implants market was estimated at USD 89,230 million in 2020 and is expected to witness a CAGR of 6.5% during the forecast period.
COVID-19 has initially significantly impacted the medical implants market growth due to supply chain restrictions and the reduced number of hospital visits by the patients. Furthermore, according to the study published in Patient Safety, titled 'The Impact of COVID-19 on Medical Device Reporting and Investigation' in September 2021, constraints on person-to-person contact limited the sort of treatment patients may receive, and the pandemic made researching medical implants more challenging. Challenges in investigating medical implants have impacted the market growth during the pandemic.
The major factors contributing to the growth of the medical implants market are the increasing geriatric population, burden of chronic diseases, increasing demand for cosmetic dentistry, and technological advancements in medical implants.
The global population is aging rapidly, owing to reduced birth rates and increasing life expectancy. In October 2021, according to the World Health Organization (WHO), the world's population aged 60 and above will nearly double from 12 percent to 22 percent between 2015 and 2050. Furthermore, according to the same source, by 2050, 80% of the world's elderly will live in low- and middle-income countries. This increase in the number of older adults is found to augment the number of disorders, which subsequently help boost the demand for medical implants across the industry.
Furthermore, the rise in aesthetic surgeries is also expected to drive the growth of the medical implants market over the forecast period. For instance, according to the report published by the International Society of Aesthetic Plastic Surgery in 2020, Breast Augmentation is among the top aesthetic surgical procedures in 2020, with 1,624,281 surgeries. Moreover, according to a march 2020 update by the World Health Organization (WHO), it is estimated that oral diseases affect nearly 3.5 billion people worldwide and severe periodontal (gum) disease, which may result in tooth loss, is also very common, with almost 10% of the global population affected.
Hence, the rising geriatric population, coupled with the increasing incidence of aesthetic surgeries, is driving the need for medical implants, thereby driving the market growth. Few other factors are playing pivotal roles in accelerating the medical implants market, which includes the hike in disposable income among people, technological advancements in the field of implants, availability of better medical facilities, and a growing number of cases involving damaged limbs or organs caused by various accidents.
However, the high cost of medical implants and stringent regulatory policies are expected to restrain the market for the forecast period.
Scope of the Report
As per the scope of the report, medical implants are devices or tissues placed inside or on the body's surface. Many implants are prosthetics intended to replace missing body parts. Other implants deliver medication, monitor body functions, or support organs and tissues. The Medical Implants Market is Segmented by Product (Orthopedic Implants (Hip Orthopedic Device, Joint Reconstruction, Knee Orthopedic Devices, Spine Orthopedic Devices, Other Products), Cardiovascular Implants (Pacing devices, Stents, Structural Cardiac Implants), Ophthalmic Implants ( Intraocular lens, Glaucoma Implants), Dental implants, Facial implants, and Breast implants, and Other Products)), Type of Material (Metallic Biomaterial, Polymers Biomaterial, Natural Biomaterial, and Ceramic Biomaterial), and Geography (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major global regions. The report offers the value (USD million) for the above segments.
|By Type of Material|
Key Market Trends
Orthopedic Implants Segment is Expected to Hold a Significant Market Share in the Medical Implants Market
The orthopedic implants segment is expected to hold a significant market share in the medical implants market. Orthopedic implants are medical implant devices used to replace missing joints or bones or to support damaged bones. These devices are manufactured using titanium alloys and stainless steel for strength, while plastic coating acts as artificial cartilage. Internal fixation is a surgery in orthopedics involving implant implementation to repair the damaged bone. These implants also treat deformities, stabilize body posture, and restore normal skeletal function.
Furthermore, as the COVID-19 pandemic has burdened the healthcare system, there has been a decrease in the number of orthopedic surgeries performed, restricting the demand for medical implants. However, the demand is expected to increase post-pandemic during the forecast period.
Orthopedic implants have thus witnessed a shift from conventional surgical procedures to modern fixation and prosthetic devices. The demand for orthopedic implants has increased significantly because the senior population increases the risk of osteoporosis, osteoarthritis, and other musculoskeletal disorders.
The rise in Orthopedic procedures is expected to drive the growth of this segment over the forecast period. For instance, according to the study published in Annals of Medicine and Surgery, titled 'Retrospective analysis of trends in surgery volumes between 2016 and 2019 and impact of the insurance deductible: Cross-sectional study in February 2021, average orthopedic surgical volume increased 38.04% from January to December in 2016–2019 in the United States. The rise in orthopedic surgical procedures will lead to increased adoption of orthopedic surgical implants, thereby driving this segment growth.
In addition, rising launches of orthopedic implants by key market players are also expected to drive the growth of this segment. For instance, in August 2021, the Orthopaedic Implant Company launched its wrist fracture plating technology, the DRPx System, which has received Food and Drug Administration approval to enable ambulatory surgical centers (ASCs) and hospitals to improve their financial sustainability. In October 2020, Medtronic in the United States launched Adaptix Interbody System, a navigated titanium spine implant with Titan nanoLOCK surface technology.
Therefore, this segment is expected to drive over the forecast period due to the above factors.
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North America is Expected to Hold a Significant Share i the Medical Implants Market During the Forecast Period
North America currently holds a major share in the global medical implants market and is expected to follow the same trend throughout the forecast period. This is due to several factors, such as the rising incidence of diseases like arthritis, rising adoption of cosmetic dental procedures due to tooth loss in the country, well-established insurance policies, and the availability of advanced healthcare infrastructure.
For instance, according to the American Dental Association 2020, more than 5 million United States seniors aged 65 to 74 have complete tooth loss, with nearly 3 million edentulous. Tooth loss, on the other hand, is primarily a problem for the elderly. This is because 91 percent of adults aged 20 to 64 have dental caries, with 27 percent going untreated. Furthermore, tooth decay is a common cause of tooth loss in many cases. As a result, teeth gradually loosen and fall out. Thus, senior loss is a common problem due to dental diseases, thereby driving the demand for dental implants in the geriatric link,ely to boost the medical implant market in the United States.
Furthermore, the entry of new players into the market is also driving the growth in the region. For instance, in September 2020, Ditron Dental USA launched its commercial operations in the United States for its dental implant portfolio. Thus, owing to the aforementioned factors, the dental implant market in the United States is expected to project growth over the forecast period.
In February 2022, DeGen Medical, Inc., a spinal implant company specializing in augmented reality and patient-specific solutions, launched Impulse AM, a 3D-printed porous titanium implant for posterior interbody fusion. Therefore, the rise in the launch of medical implants in the United States will lead to increased adoption, thereby driving the market growth in this region.
Hence, owing to the abovementioned factors, the North American market is expected to drive swiftly.
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The medical implants market is fragmented and consists of several major players. In terms of market share, a few major players dominate the market. Some prominent players are vigorously making acquisitions with other companies to consolidate their market positions globally. These major global medical implants market companies include Abbott Laboratories, 3M company, Strauman AG, Dentsply Sirona, Johnson & Johnson Limited, Stryker, and Boston Scientific Corporation, among others.
- In March 2022, SurGenTec, a privately held spine and orthopedic technology company based in Florida, the United States received clearance from the United States Food and Drug Administration (FDA) for ION Screw, its proprietary stand-alone spine fixation implant.
- In February 2022, 4WEB Medical launched a new array of hyperlordotic lateral spine implants, the Hyperlordotic Lateral Spine Truss System (LSTS). The latest addition to the LTST portfolio includes 18, 24, and 30-degree lordotic angles in anterior longitudinal release procedures for spine correction.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Geriatric Population and Burden of Chronic Diseases
4.2.2 Increasing Demand for Cosmetic Dentistry
4.2.3 Technological Advancements in the Medical Implants
4.3 Market Restraints
4.3.1 Stringent Regulatory Reforms
4.3.2 Reimbursement Issues and High Cost of Medical Implants
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Product
5.1.1 Orthopedic Implants
18.104.22.168 Hip Orthopaedic Device
22.214.171.124 Joint Reconstruction
126.96.36.199 Knee Orthopedic Devices
188.8.131.52 Spine Orthopedic Devices
184.108.40.206 Other Products
5.1.2 Cardiovascular Implants
220.127.116.11 Pacing devices
18.104.22.168 Structural Cardiac Implants
5.1.3 Ophthalmic implants
22.214.171.124 Intraocular lens
126.96.36.199 Glaucoma Implants
5.1.4 Dental Implants
5.1.5 Facial Implants
5.1.6 Breast Implants
5.1.7 Other Implants
5.2 By Type of Material
5.2.1 Metallic Biomaterial
5.2.2 Polymers Biomaterial
5.2.3 Natural Biomaterial
5.2.4 Ceramic Biomaterial
5.3.1 North America
188.8.131.52 United States (By Product and By Material)
184.108.40.206 Canada (By Product and By Material)
220.127.116.11 Mexico (By Product and By Material)
18.104.22.168 Germany (By Product and By Material)
22.214.171.124 United Kingdom (By Product and By Material)
126.96.36.199 France (By Product and By Material)
188.8.131.52 Italy (By Product and By Material)
184.108.40.206 Spain (By Product and By Material)
220.127.116.11 Rest of Europe (By Product and By Material)
18.104.22.168 China (By Product and By Material)
22.214.171.124 Japan (By Product and By Material)
126.96.36.199 India (By Product and By Material)
188.8.131.52 Australia (By Product and By Material)
184.108.40.206 South Korea (By Product and By Material)
220.127.116.11 Rest of Asia-Pacific (By Product and By Material)
5.3.4 Middle-East and Africa
18.104.22.168 GCC (By Product and By Material)
22.214.171.124 South Africa (By Product and By Material)
126.96.36.199 Rest of Middle-East and Africa (By Product and By Material)
5.3.5 South America
188.8.131.52 Brazil (By Product and By Material)
184.108.40.206 Argentina (By Product and By Material)
220.127.116.11 Rest of South America (By Product and By Material)
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Biotronik SE & Co. KG
6.1.3 Boston Scientific Corporation
6.1.4 Cardinal Health, Inc.
6.1.5 Conmed Corporation
6.1.6 Globus Medical, Inc.
6.1.7 Integra Lifesciences Holdings Corporation
6.1.8 Johnson & Johnson
6.1.9 Smith & Nephew PLC
6.1.10 Stryker Corporation
6.1.11 Zimmer Biomet
6.1.12 Straumann AG
6.1.13 Dentsply Sirona
6.1.14 Osstem Implant Co. Ltd
6.1.15 Henry Schein Inc.
6.1.16 Abbvie Inc. (Allergan PLC)
6.1.17 Ivoclar Vivadent Inc.
6.1.18 GC Aesthetics
6.1.19 3M Company
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Medical Implants Market market is studied from 2019 - 2027.
What is the growth rate of Global Medical Implants Market?
The Global Medical Implants Market is growing at a CAGR of 7.35% over the next 5 years.
Which region has highest growth rate in Global Medical Implants Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Medical Implants Market?
North America holds highest share in 2021.
Who are the key players in Global Medical Implants Market?
Smith & Nephew PLC, Stryker Corporation, Zimmer Biomet, CONMED Corporation, Boston Scientific are the major companies operating in Global Medical Implants Market.